Cryptocurrency Bloodbath: Bitcoin, Ethereum, and More Plunge

Bitcoin and other cryptocurrencies took steep dives in early trading Wednesday, with many digital currencies losing more than 10% of their value.

Bitcoin was down 8.5% as of 10:05 a.m. ET, while Ethereum lost more than 10% and XRP tumbled 16%. EOS was the biggest loser of the top 10 traded cryptos, falling 17.89%, according to CoinMarketCap.

The declines seem, in part, a reaction to the news the Securities and Exchange Commission (SEC) has delayed its decision on a proposed bitcoin exchange-traded fund (ETF). The SEC had originally said it would announce its decision by Aug. 10. Now, it says, the announcement will come on Sept. 30.